NTPC’s green energy arm eyes USD 1.2bn from Indian IPO
Sep 19, 2024 11:52 CESTIsrael’s Enlight Renewable Energy Ltd (TLV:ENLT) saw its second-quarter net profit contract by 58% on the year to USD 9 million (EUR 8.3m) but lifted its full-year guidance due to its sound operational performance.
The bottom line result of the solar and wind project developer and power plant operator was mostly impacted by debt revaluation effects, non-cash financial expenses and rising inflation, its financial report showed on Wednesday.
Still, CEO Gilad Yavetz said he is pleased with the “excellent financial performance” for the quarter, which has exceeded expectations. He went on to say that the markets in Europe and Israel continue to grow along with the growing activity in the US, putting the company on the pathway to achieve “rapid growth with high margins in the coming periods.”
In view of the sound quarterly performance and effective cost savings, Enlight upgraded its full-year forecast, expecting to book revenues of between USD 345 million and USD 360 million, rather than USD 335 million-USD 360 million. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) are seen at between USD 245 million and USD 260 million, instead of USD 235 million-255 million.
In the second quarter, Enlight Renewable’s adjusted EBITDA climbed by 39% to USD 58 million. At USD 85 million, revenues marked an increase of 61% in annual terms thanks to the contribution of new projects that entered into operation, higher output and inflation indexation in existing power purchase agreements (PPAs).
(USD 1.0 = EUR 0.918)
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